Thai PM promises to resume cash handout campaign when economy improves
Thai Prime Minister Paetongtarn Shinawatra on May 20 clarified the cabinet’s decision to shift the budget originally allocated for the digital wallet cash handout programme in phase 3 to fund a new 157 billion THB (4.75 billion USD) economic stimulus plan.
Thai Prime Minister Paetongtarn Shinawatra clarifies the cabinet’s decision to shift the budget to fund a new 157 billion THB (4.75 billion USD) economic stimulus plan. (Photo: The Nation)
Bangkok (VNA) – Thai Prime Minister Paetongtarn Shinawatra on May 20 clarified the cabinet’s decision to shift the budget originally allocated for the digital wallet cash handout programme in phase 3 to fund a new 157 billion THB (4.75 billion USD) economic stimulus plan.
She said the 10,000-THB cash handout project had already supported vulnerable groups and the elderly in the first two rounds of distribution. However, the introduction of US tariffs has prompted the government to reconsider the next phase of the cash handout.
She pointed out that the Bank of Thailand and the National Economic and Social Development Council recommended reviewing the best use of funds, prioritising urgent national needs over the digital wallet programme.
“The digital wallet programme was not canceled but postponed until economic conditions improve, when such stimulus would be most effective,” she said.
ꦺ The PM acknowledged that the Pheu Thai-led government did not anticipate the sudden rise in US tariffs, which could reach 30-40%, a level that also surprised many countries. She urged Pheu Thai MPs to understand this context and explained that the funds are being redirected toward national infrastructure projects, including comprehensive water system improvements, benefiting everyone./.
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The Thai economy grew by 3.1% in Quarter 1, slightly down from 3.3% in Quarter 4 last year. Against the backdrop, the National Economic and Social Development Council reduced its annual growth projection to between 1.3-2.3%, down from the previous forecast of 2.3-3.3%.
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